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Going public and the dividend policy of the company

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Plekha ov Russia Eco omic Academy he heme of he repor : “Goi g public a d he divide d policy of he compa y.”By imofeeva M. V. he supervisor: Sidorova E. E.Moscow 2001. Co e s I roduc io I. ‘Goi g Public’ a d he Securi ies Marke 3 ‘Goi g Public’ ypes of Shares he S ock Excha ge a d he Capi al Marke Procedure for a Issue of Securi ies Equi y Share Fu ures a d Op io s II. Divide d Policy a d Share Valua io Divide ds as a Residual Profi Decisio Cos s Associa ed wi h Divide d Policy O her Argume s Suppor i g he Releva ce of Divide d Policy Prac ical Fac ors Affec i g Divide d Policy Al er a ives o Cash Divide ds Summary Refere ces3 4 4 5 6 7 7 9 9 10 11 12 12 14 15 I roduc io I his repor we focus o he lo g- erm fi a ci g by issui g shares a d divide d policy of he compa y. We co sider he i s i u io al desig of capi al marke , S ock Marke Excha ge a d Al er a ive I ves me Marke ; fu dame al heories of payi g divide d a d fac ors which i flue ce Divide d Policy of he compa ies. he mai objec ive of his repor is o develop a be er u ders a di g of he problems faced by s ar -up firms seeki g capi al fi a ci g a d payi g perce age (divide ds). I addi io , we ry o ide ify he co seque ces of shor comi g a d overplus of he divide d payou s for value of corpora io (for value of share) a d i dividuals (shareholders). he urge cy of his ques io is obvious, because firms eed capi al o fi a ce produc -developme or grow h a d mus , by a lo of fac ors (i eres ra e, ime period a d e c), ob ai his capi al largely i he form of equi y ra her ha deb . So he issui g of shares a d divide d policy is o e of he wides research overseas a d I hope Russia eco omis s do ’ be backward i ha lis . I. ‘Goi g Public’ a d he Securi ies Marke ‘Goi g Public’ Mos priva e compa ies ha experie ce he rapid grow h have reached he s age whe exis i g shareholders’ priva e resources are exhaus ed, re ai ed profi is i sufficie o cope wi h he ra e of expa sio , a d fur her borrowi g o op of your curre amou of loa s will probably be resis ed by le ders u il you have a more subs a ial layer of equi y capi al. O e solu io o his fi a cial problem is o re ai he services of a fi a cial i ermediary – usually a mercha ba k – o fi d a few priva e i dividuals or fi a cial i s i u io such as a i sura ce compa y or a i ves me rus ha is willi g o subscribe more capi al. his is k ow a priva e placi g. A d, of course, here are some adva ages a d disadva ages of goi g public. Adva ages access o he capi al marke a d o larger amou s of fi a ce becomes possible by havi g shares quo ed o he S ock Excha ge; i s i u io s are more likely o i ves o he public lis ed compa y, a d addi io al borrowi g becomes possible; shareholders will fi d i easier o sell heir shares i he wider marke ; he compa y a ai s a higher fi a cial s a di g; provides a oppor u i y for public compa ies o i roduce ax-efficie employee share op io scheme. Disadva ages cos of a public flo a io of shares are high – as much as 4% - 10% of he value of he issue; because ou side shareholders are admi ed, some co rol may be los over he busi ess; publicly quo ed compa ies are subjec o more scru i y ha priva e; he risk of bei g ake over by purchasi g of compa y’s shares o he S ock Excha ge; as he marke e ds o be i flue ced more by he shor - he lo g- erm s ra egy of lis ed compa ies, a compa y commi ed o a lo g- erm pla may fi d i s s ock marke performa ce disappoi i g.

he goi g public compa y is required: mi imum issued capi al of ₤50.000; mi imum marke capi aliza io of ₤500.000; 25% of your equi y shares available o he public; sig a S ock Excha ge lis i g agreeme , which bi ds you o disclose specified i forma io abou your compa y i fu ure. ypes of Shares here are wo mai classes of shares are ordi ary a d prefere ceOrdi ary shares (some imes called ‘equi y’ shares) hose are he highes risk- akers shares i he compa y. his implies ha he holder’s claims upo profi – for divide d, a d asse s – if he compa y is liquida ed, are deferred o he prior righ s of credi ors a d o her securi y holders. However, he capi al liabili y of ordi ary shareholders is limi ed o he amou hey have agreed o subscribe o heir shares, herefore hey ca o be called upo o mee a y fur her deficie cy ha he compa y may i cur. If he ordi ary shares are he vo i g (co rolli g shares) bu i some compa ies he sig ifica propor io is held by he direc ors a d he remai der are widely held by a large umber of shareholders, so he direc ors may effec ively co rol he compa y. Prefere ce shares hey also are he par of he equi y ow ership, a rac ive o risk-averse i ves ors because of heir fixed ra e of divide d, which ormally mus be a a higher level ha he ra e of i eres paid o le ders, because of he rela ively grea er risk of o -payme of divide d. Whils hey are par of he share capi al, he holders are o ormally e i led o a vo e, u less he erms of issue specified overwise, a d eve he vo es are usually o ly exercisable whe divide ds are i arrears. Prefere ce shareholders have prior righ s o divide d before ordi ary shareholders, bu i may be wi hheld if he direc ors co sider here are i sufficie resources o mee i . here is a implied righ o accumula io of divide ds if hey are u paid, u less he shares are s a ed o be o -cumula ive. Payme of such arrears has priori y over fu ure ordi ary divide ds. A d if he compa y goes i o liquida io , prefere ce shareholders are o e i led o payme of divide d arrears or of capi al before ordi ary shareholders, u less heir erms of issue provide o herwise, which hey usually do. Compa ies have issued hree varie ies of prefere ces shares from ime o ime, o co fer special righ s; hese are redeemable prefere ces shares, par icipa i g prefere ces shares a d co ver ible prefere ces shares. Redeemable prefere ces shares are similar o loa capi al i ha hey are repayable bu hey lack he adva age e joyed by loa i eres of bei g able o charge divide d agai s profi for axa io purposes, par icipa i g prefere ces shares e joy he righ o fur her share i he profi beyo d heir fixed divide d, ormally af er he ordi ary shareholders have received up o a s a e perce age o heir capi al, co ver ible prefere ces shares give he op io o holders o co ver heir shares i o ordi ary shares a he specified price over a specified period of ime. he S ock Excha ge a d he Capi al Marke he Capi al Marke embraces all he ac ivi ies of fi a cial i s i u io e gaged i : he raisi g of fi a ce for priva e a d public bodies whe her si ua ed i UK or overseas ( he primary marke ); radi g he securi ies a d o her fi a cial i s rume s crea ed by he ac ivi y above ( he seco dary marke ).

he S ock Excha ge plays a ce ral role i his i er a io al marke . I provides he primary facili y fir marke i g ew issues of shares a d o her securi ies, a d also a well-regula ed seco dary marke i shares, Bri ish gover me a d local au hori y s ocks, i dus rial a d commercial loa s ocks a d ma y overseas s ocks ha are i cluded i i s Official Lis . owadays i called he Lo do S ock Excha ge L d is a i depe de compa y wi h he Board of Direc ors draw from he Excha ge’s execu ive, a d from he cus omer a d user base. he mai par icipa s o he S ock Excha ge are Re ail Service Providers (RSPs) a d he s ockbrokers. he fu c io of RSPs is o provide a marke i securi ies, which hey have omi a ed, a d o mai ai wo-way prices, i.e. lower price a which hey are prepared o buy a d a higher price a which hy will sell. A d s ockbrokers ca ac for clie as age o ly, whe purchasi g or sell securi ies o heir behalf, i which case hey deal wi h RSPs. A d dual capaci y s ockbrokers/dealers, however hey will buy a d sell shares o heir ow accou , a d may ac as bo h age a d pri cipal i carryi g ou clie s ‘buy’ a d ‘sell’ i s ruc io . U for u a ely he i egra io of he broki g a d deali g fu c io s wi hi he same fi a cial groupi g ca give rise o co flic of i eres , a d his has made i esse ial o crea e a pro ec ive regula ory framework bo h wi hi a d be wee fi a cial i s i u io s. Bu some compa ies are o sui able for a full S ock Excha ge lis i g a d he Al er a ive I ves me Marke (AIM), se i g up by he S ock Marke Excha ge i 1995, is a more sui able for u k ow a d risky compa ies. I s mai fea ures are: o formal limi o compa y size; ₤500.000 capi aliza io (full lis i g ₤3-₤5 millio ); o mi imum radi g record (full lis i g five years); 10% of he equi y capi al mus be i public ha ds (full lis i g 25%) o e ry fee is required, bu a a ual lis i g fee of ₤2.500 i year 1, risi g o ₤4.000 i year hree is payable. Procedure for a Issue of Securi ies All arra geme s made by a Issui g House, which specialized i his work. he procedure would be probably as follows: a evalua io by he Issui g House of he compa y’s fi a cial s a di g a d fu ure prospec s; a assessme if he fi a ce required, a d advise regardi g he mos appropria e package o fi a ce o mee he eed; advice of he imi g of he issue; agreeme wi h he S ock Excha ge o he me hod of issue (sale by e der, SE placi g e c); comple io of a u derigh i g agreeme ; prepara io of he prospec us a d o her docume s required by he S ock Excha ge i he i i ial applica io for he quo a io ; adver isi g he offer for sell a d he publica io of he prospec us; arra geme s wi h he ba kers o receive he amou s payable; he issue price of he share o be agreed a a level o e sure a success of he issue; fi al applica io for he S ock Excha ge quo a io , a d sig i g of he lis i g agreeme , which bi ds he compa y o mai ai a regular supply of i forma io o he S ock Excha ge a d shareholders. Equi y Share Fu ures a d Op io s hese are raded a he Lo do I er a io al Fu ures a d Op io s Excha ge (LIFFE), which was es ablished i 1982.

A corporate department staffed by cats would be a real disciplinary nightmare, the kind of department that would never achieve 100 percent of its “fair share” pledge quota to the United Way. Dogs, on the other hand, would go way over the quota. Of course they’d also chew up the pledge cards. The point I’m trying to make here, as far as I can tell, is that you want subordinates who, when it comes to thinking up ideas, are more like dogs than like cats. Ideally, you should determine this before you hire people, by giving them a test, as explained below. Test To Find Out If A Potential Employee Is The Kind Of Person Who Thinks Up Ideas Show the person three forms, marked A, B, and C. Tell him that part of his job would be to fill out the three forms, then throw Form B away. Stress that this is company policy. If he nods and says, “Okay,” or if he asks you a question like, “How can you tell which one is Form B?” hire him. But if he says something like, “Gee, it seems kind of inefficient to fill out a form you’re just going to throw away,” get rid of him. This is the kind of person who will eventually, no matter how much training you give him, come up with an idea

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2. The dark side of the moon

3. The main fault of The 70s or the years of “might-have-been hopes”

4. The political method of the International Socialist Organisation

5. The theoretical basis for the international trade. The modern trends of the international trade development

6. The Tax System of the United States
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74. Stylistic phonetics based on the examples of the works by P.B. Shelley

75. Intellectual history of the Europe

76. The Radicalism of the American Revolution

77. The government role in the market economy

78. Social interaction and social relation. Levels of social interactions

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83. The Algorithm of a Start and the Development of International Conflicts and Possible Ways of Their Solution

84. The Restoration and After: The Tower and the Office of Ordnance

85. Basic perspectives and schools of developing sociology in the XX century

86. The history of Germany and tourism
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87. The Life and Times of Shakespeare
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88. The unions of artists - "THE BLUE ROSE" AND "THE JACK OF DIAMONDS"

89. Speeches workers Grodno province in 1905-1907 and the emergence of trade unionism

90. The Tower of London

91. Consequence of building the National Missile Defense

92. The face of every city is different. Washington D.C.

93. Jealousy as the cause of internal self-destruction in "Kreutzer Sonata" by Leo Tolstoy (Ревность как причина внутреннего самоуничтожения в "Крейцеровой сонате" Льва Толстого)

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99. The role of art in our life

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